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They may be commonplace in the UK, but interest-only mortgages in Spain are surprisingly hard to find.
You have to remember that the mortgage market here in Spain is years behind the markets in the UK and US (maybe not a bad thing!). Up until recently, there were no interest-only mortgages in Spain, and even now, if you mention a fixed rate option to banks in Spain, the advisers look at you like you have landed from Mars.
banks in spain cheap mortgage spain interest only spain mortgage broker spain mortgage in spain spanish mortgage I´m currently in the throes of obtaining a Spanish mortgage…..and what a tortuous process it is proving!
I have approached several banks in Spain, and let me tell you, every single one will talk a good mortgage and promise the earth, but when it comes to the crunch, there´s not a lot of action.
Like most things in life, success can often be dependent on the person that you are dealing with at the Spanish bank. My advice is to try to establish a good relationship with the representative from the bank. Most branches have thresholds that they can lend up to – for instance for residents in Spain, the branch lending threshold tends to be around €300,000 – also bear in mind that the first quote you receive won´t necessarily be the best. Don´t be afraid of negotiating better terms, and chipping away at the rate to try to secure a better mortgage in Spain.
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100% mortgage in spain banks in spain spanish mortgage spanish property valuations in spain Continued from previous article
Just bear in mind that the vast majority of Spanish banks will now only lend on the PURCHASE PRICE, not the valuation. After all, in the current credit crunch, the banks really don´t want to over-expose themselves (again!), and will want to see you taking on some of the risk by way of a decent deposit.
There are one or two banks in Spain that will lend up to 90% of purchase price if a valuation is hugely in excess of the price you are paying for your Spanish property, but even with this scenario, you will need to find a 10% deposit, plus your 10% purchase costs, plus the costs to arrange the mortgage and pay the mortgage taxes, so you would still be looking at around a 25% commitment.
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100% finance in spain banks in spain interest only mortgage in spain mortgage in spain paperwork for spanish mortgage property in spain spanish mortgage spanish property The Spanish mortgage market is currently changing on a daily basis.
Most banks worldwide seem reluctant to lend anything to anybody, but here in Spain, people are still getting mortgages. Here is an update on the current situation.
bank guarantee on spanish developments banks in spain buy off-plan in spain developments in spain new developments spain property investment spain spanish developers spanish property Despite the current recessionary times and the insecurity of several leading Spanish developers, there is still a small percentage of prospective buyers that is keen to invest in off-plan Spanish property.
So is buying off-plan in Spain such a bad idea?
There are several things that you should consider. We will deal with the first 2 here:
FINANCIAL SECURITY
Well, first of all, you need to be very careful. If you are thinking of investing off-plan, you need to be certain in the knowledge that your funds will be secure.
banks in spain black money capital gains tax in spain notary in spain residency in spain spanish property The Spanish economy has always been awash with ´black money´ - undeclared funds that sit under people´s mattresses or in safety deposit vaults.
This undeclared cash normally enters the system as the proceeds of Spanish property transactions. To avoid the capital gains tax on Spanish property of 18% (formerly 35% for non-residents), many Spanish residents preferred to accept part of the property price in the form of cash under the table. When you bear in mind the effect on Spanish property prices during the boom of recent years, this non-declaration of income saved the Spanish people the equivalent of millions of euros (if not billions) in unpaid taxes. Continue reading »
banks in spain cities in spain expats in spain mortgages in spain properties in spain spanish economy spanish property spanish unemployment Zapatero Last week the Spanish Prime Minister Jose Luis Rodriguez Zapatero announced that even though the economic situation may be tough at the moment an economic recovery is expected to start in the second half of 2009, refuting a report by the IMF stating that this would not happen until at least 2010. He also said that this year would be a serious challenge for his government but how he was determined that the recovery in Spain would be managed efficiently.
A huge 11 billion euro recovery budget was unveiled recently aimed at kick-starting the economy, by creating 300,000 new jobs using 8 billion euros and the remaining 3 billion euros is going into a Special State Fund which will be spent on the environment, struggling industries and research and development.
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